SABMiller hit by strength of dollar

RazakMusah

LONDON--SABMiller PLC (SAB.LN) Thursday posted organic growth in revenue during the fourth quarter, but said the depreciation of key currencies adversely affected its reported results.

On an organic basis, which excludes the impact of acquisitions and disposals, the brewer and soft drinks firm's group net producer revenue, or NPR, for the fourth quarter ended March 31, grew by 6%, with total beverage volume growth of 4%. For the year, NPR was up 4% and total beverage volume growth was 1%.

However, on a reported basis group NPR for the full year declined by 2% and was down 5% for the fourth quarter.

The company, which has a portfolio that includes Pilsner Urquell, Peroni Nastro Azzurro and Grolsch, said depreciation of key currencies against the U.S. dollar, particularly during the second half of the year, adversely affected its reported results.

"Our topline performance was strong in the final quarter, driven by double digit revenue growth in Africa and sustained growth in Latin America. Asia Pacific also returned to growth during the last three months of the year as larger volumes in China returned to growth, Alan Clark, chief executive, said.

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